大和:重申美團(3690.HK)買入評級 目標價450港元
大和總研發表研究報吿指,美團(3690.HK)首季外賣業務收入或會受惠於去年的低基數以及內地政府的“就地過年”政策,料相關收入將按年升1.14倍;又預期首季到店、酒店及旅遊業務收入按年升1.05倍,主要由於本地旅遊及線下本地服務似乎已全面恢復。該行重申其買入評級,目標價450港元。
大和指,在目前情況下,其佣金率將基本保持穩定,其中整體交易額將是近期的主要增長動力,雖然社區團購可能是監管審查的下一個目標,但競爭格局仍處於早期階段,期望美團在其積極的擴張計劃中保持合規性。
該行下調2021-22年盈利預測,以反映對美團優選的投資加大。

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